Financial Daily from THE HINDU group of publications
Tuesday, Jul 01, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jul 01, 2003 |
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Opinion
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Letters India and IMF
The report, "India turns creditor to IMF' (Business Line, June 29) arouses enthusiasm and, perhaps, dismay. While many of the developing countries continue to be indebted to the IMF to the tune of huge amounts, it is really delighting to note that India has obtained a place in the ``financial transaction plan'', by way of its strong BoP and foreign exchange reserves position. This, indeed, sends strong positive signals across the global community. The earlier indications that the economy may have strong emergence go in the right direction. The gaining strength of the rupee in recent times amidst the euro-dollar competition places the Indian economy in a safe mode. The present dip in the forex reserves on account of transfers to IMF under FTA scheme can be disregarded as it can be easily replenished soon through fresh inflows. C. P. Velayudhan Nair, Kochi
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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